TENAJON ANNOUNCES 2007 AJAX MOLYBDENUM DRILL PLANS
Tenajon Resources Corp. (TSX-V:TJS) (the “Company”) is pleased to announce the first phase drill program has been formulated for its 100% owned Ajax Molybdenum Deposit. The program, consisting of 3,500 metres of diamond drilling, is expected to commence in June. The purpose of the program is to further define near surface high-grade mineralized zones within a potential starter pit.
Ajax, one of North America’s largest undeveloped molybdenum deposits, is located 14 km north of Alice Arm in northwestern British Columbia. Infrastructure in the area is very good with both tidewater access and hydro electric power situated at Kitsault 16km to the south. At a 0.040% Mo cut-off, the Ajax Deposit hosts an inferred mineral resource of 448.8 million tonnes grading 0.063% Mo (623.4 million pounds) and an indicated mineral resource of 38.8 million tonnes grading 0.064% Mo (56.4 million pounds). This resource estimate was prepared by Giroux Consultants Ltd., an independent consulting firm (released March 5, 2007). The current price for molybdenum is approximately US$30.25/lb.
A recent study by geological consultant Dr. N.C. Carter, P. Eng. was used to assist planning for the first phase of the 2007 drill program. Dr. Carter, one of Canada’s foremost experts on porphyry molybdenum deposits, has extensive experience with BC molybdenum deposits, including; Endako, Alice Arm, Lime Creek (Kitsault), Roundy Creek, Bell Moly, Trout Lake (MAX) and Tidewater. With regards to Ajax Dr. Carter states “As currently defined, molybdenum grades of 0.05% and greater are contained within a circular zone measuring 650 x 600 metres in diameter, extending from surface at an elevation of about 1050 metres to depths of more than 1000 metres as indicated by the 2006 drilling.” He also states “Previous work on the Ajax Property suggests that areas of enhanced grade may be related to an east-northeast trending fault zone near the northern limits of the currently defined molybdenum zone.” This concept, according to Carter, was originally proposed by Newmont geologists in 1966. Furthermore he concludes “Most of the holes completed on the Ajax Property have been inclined holes drilled on west-southwest azimuths or essentially parallel to zones thought to contain enhanced molybdenum grades. A review of the drilling results to date suggests that intervals of better molybdenum grades are contained in holes drilled within 100 metres of the east-northeast fault zone.” Some results from drilling proximal to this structure include:
cont'd tenajon.com |
